Bitcoin Technical Breakdown – Bearish Channel in Motion

8 Nis

hello guys.

🔻 1. Bearish Channel
Bitcoin is currently respecting a downward-sloping channel with lower highs and lower lows.

Every attempt to break the upper boundary has been met with rejection, confirming bearish pressure.

🔁 2. Retest of Former Trendline
The former ascending trendline (drawn from 2023’s bottom) was broken and recently retested as resistance, failing to flip it back to support.

This retest often signals confirmation of trend reversal.

🧱 3. Critical Support Zone: $62K–65K
This zone served as a strong accumulation range in the past and aligns with the current downside target.

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🔮 What’s Next?
Based on this pattern and price behavior:

Bitcoin may continue its bearish descent, following the projected zig-zag pattern in the channel.

The next significant bounce area lies around $64,000, aligning with both volume-based support and previous breakout zones.

8 Nis

Not

The Broken Trendline:

9 Nis

Not

This S&P level was touched three times, and this touching made it so week for breaking down!